Utilities • Regulated Electric Utility (FPL) & Utility-Scale Renewables • SIC 4911
$83.71 ▲ +1.57
(+1.91%)
MKT CAP: $175.69B • VOL: 23.48M
52W L $74 52W H $99
NEE // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>)
SOURCE: Form 10-K (FY2025) // Item 1 Florida Power & Light (FPL) & NEER
01 // UPSTREAM SUPPLIERS & FOUNDRIES
FSLR CRITICAL
First Solar, Inc. & Tier-1 Solar Module Manufacturers
SUPPLIER • Domestic US Thin-Film Utility-Scale Solar Modules (IRA Tax Credit Eligible)
EST. COGS / CAPEX SHARE 30%
EVIDENCE: 10-K NEER Multi-Gigawatt Solar Backlog & Equipment Procurement
GEV CRITICAL
GE Vernova Inc.
SUPPLIER • Onshore Wind Turbines, Gas Peaker Turbines & High-Voltage Grid Transformers
EST. COGS / CAPEX SHARE 34%
EVIDENCE: 10-K Generation & Transmission Capital Expenditures ($25B+/yr)
TSLA <GO>
HIGH
Tesla Megapack / Grid-Scale LFP Battery Cell Suppliers
SUPPLIER • 4-Hour Co-Located Utility Battery Energy Storage Systems
EST. COGS / CAPEX SHARE 16%
EVIDENCE: 10-K NEER & FPL Battery Storage Development Pipeline (25GW+ Backlog)
CORE VALUE-CHAIN HUB NYSE
NEE // NextEra Energy, Inc.
GROSS MARGIN
—
OP MARGIN
31.8%
ROIC %
4.3%
MKT CAP
$175.69B
UPSTREAM INPUTS ──► NEE OPERATING ENGINE ──► CUSTOMER REVENUE
03 // DOWNSTREAM REVENUE CUSTOMERS
GOOGL <GO>
REV SHARE: ~24%
Hyperscale Data Center PPA Offtakers (Google, Microsoft, Meta)
CUSTOMER • 15-to-25 Year Clean Power Purchase Agreements & Nuclear Restart PPAs
EVIDENCE: 10-K NEER Long-Term Contracted Generation & Duane Arnold Nuclear PPA
FL-RES REV SHARE: ~68%
5.9M+ Regulated Florida Residential & Commercial Meter Accounts
CUSTOMER • FPSC-Regulated Base Rate ROE (~10.6–11.4%) Electric Service
EVIDENCE: 10-K Florida Power & Light Multi-Year Rate Settlement Agreement
DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX
LIVE DB CROSS-COMPARISON
| TICKER | COMPANY | LAST | MKT CAP | GROSS MGN | OP MGN | ROIC % | EV/EBITDA | REV YOY | HEAD-TO-HEAD |
|---|---|---|---|---|---|---|---|---|---|
| NEE ★ | NextEra Energy, Inc. | $83.71 | $175.69B | — | 31.8% | 4.3% | 26.6x | +7.5% | SUBJECT ISSUER |
| AAPL | Apple Inc. | $344.63 | $5.07T | 48.6% | 33.2% | 81.4% | 30.3x | +14.2% | NEE VS AAPL <GO> |
| NVDA | NVIDIA Corporation | $204.64 | $4.98T | 74.7% | 65.2% | 65.1% | 23.4x | +83.4% | NEE VS NVDA <GO> |
| MSFT | Microsoft Corporation | $521.91 | $3.88T | 67.7% | 47.1% | 26.5% | 19.9x | +17.9% | NEE VS MSFT <GO> |
| GOOGL | Alphabet Inc. | $279.84 | $3.41T | 60.9% | 33.3% | 16.6% | 19.9x | +22.2% | NEE VS GOOGL <GO> |